Cities, States, Country Out of Money

| by Reason Foundation

By Matt Welch

Did I mention we are out of money? Or if you prefer, the people and institutions who seize our income under threat of imprisonment and incur debts in our name are experiencing a combination shame-spiral (if they could indeed feel shame) and Day of Reckoning? Here are some recent headlines about the Continuing Crisis:

* South Carolina Agencies Could Run Out of Money

* [Charlton] County [Ga.]: "We're out of Money"

* Consultant: [Prepaid College Tuition Program] Will Run Out of Money in Five Years

* "As the year winds down to a close, we may be seeing our first round of municipal defaults as local governments simply run out of money"

* "New York is out of money"

* Report: Philadelphia, New York, Chicago and Boston Top List of Cash-Starved [Pension] Plans

* Rising Public Sector Pension Costs Threaten To Swamp [New York] State, Local Finances & Stick Taxpayers With The Bill

* Outrageous Public-Employee Pension Obligations Kill [New York City]'s Ability to Provide Vital Services

* Vote Leaves NYC OTB Out of Money

As we have reminded people again and again, Empty Budget Syndrome is not due to lower revenues, but to relentless increases in spending. The people who work in or otherwise favor government have made the stuff too expensive without producing noticeable improvements in performance. Which means, especially in blue states, that the ultimate destination for this battle will be within the Democratic Party itself. When you already run everything, and you're somehow still out of money for all the governmenting you seek, blaming Republicans is not going to get the budget balanced or the debt service lowered.

For previous out-of-money headlines, start here.